WASHINGTON, DC – Today, U.S. Senator Jack Reed (D-RI), announced he will vote against Steven T. Mnuchin for U.S. Treasury Secretary. 

The Wall Street Journal noted that “Mr. Mnuchin, a 53-year-old former Goldman Sachs Group Inc. banker turned Hollywood financier, parlayed a six-month stint as Donald Trump’s campaign-finance chairman into the president-elect’s pick to be Treasury secretary.”

Reed, a member of the Banking, Housing, and Urban Affairs Committee, stated:

“No cabinet official can have such a profound impact on our economy, on family budgets, on taxes, and consumer protection as the Treasury Secretary.  It is a job of immense reach that requires a steady hand, a commitment to fairness, and a deep knowledge of our nation’s financial markets and the rules that protect the savings and investments of middle-class Americans.  I do not think Mr. Mnuchin meets these requirements.

“President Trump’s nomination of Steve Mnuchin clearly demonstrates his intention to put the interests of the well-connected ahead of the financial well-being of average working Americans.  This Administration wants to deregulate Wall Street and undo needed reforms that were put in place to protect taxpayers and prevent another financial crisis.  One of Mr. Mnuchin’s apparent priorities is dismantling key portions of Dodd-Frank.  Doing so could create real hardships for families and bring back some of the financial abuses that Mr. Mnuchin’s own companies previously engaged in.

“Every Senator, regardless of party, should be alarmed by Mr. Mnuchin’s misleading answer to the Finance Committee about his bank’s role in the robo-signing scandal. 

“The American people deserve a Treasury Secretary who can help bring about economic growth, job creation, and stability for all Americans.  Mr. Mnuchin does not fit the bill.  

“We worked hard over the last decade to pull the U.S. out of the depths of the financial crisis and make our financial system stronger, safer, and more resilient.  We can’t allow the Trump Administration to undo that progress.”